When are you going to retire??

Discussion in 'General Education' started by Master Pre-K, Apr 1, 2018.

Tags:
  1. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 5, 2018

    Wow, maybe I need to get some reading glasses. I read it as 6 years old, not 6th grade, even though I typed the latter...
     
    Last edited: Apr 5, 2018
  2. creativemonster

    creativemonster Comrade

    Joined:
    Aug 29, 2006
    Messages:
    431
    Likes Received:
    105

    Apr 5, 2018

    I need to figure out stuff...I feel like a complete idiot but I don't know if my husband will be covered by my insurance after I retire and I know (CA) that I lost my SS, but if I fell down a flight of stairs and my husband collects 50 percent my pension, will he lose HIS SS? These are things that I need to look into and then hope that it doesn't change in the next 8 years, 3 months...cause that's my target. 62 yrs young (I too like that!) when I get freedom to sleep late! Would do better to retire at 63, but we'll see then...I might feel like it's worth it to get out at 62. A lot depends on our health ...and my union's health.
     
  3. Been There

    Been There Habitué

    Joined:
    Oct 4, 2017
    Messages:
    849
    Likes Received:
    514

    Apr 5, 2018

    You are indeed quite fortunate. I too empathize with those who dread going to work each day. Just thinking about my former colleagues makes me feel so sad - it's very likely that they will never get to experience the utter joy of teaching enthusiastic students without having to deal with behavior problems and incompetent administrators. Fortunately, like you, I was blessed with the opportunity to work in a supportive school for a couple of years before I moved on for career advancement.
     
    futuremathsprof likes this.
  4. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    I only saw an option to check 'No' on the sub application. It's not an option for teachers.

    It won't work for me either, because I can't make enough years with my age...The only benefit it will give you experience, thus putting you in a higher salary range, and ability to transfer this time to a state that will give you credit when you are ready to retire.

    If this is a major problem for you, I can only suggest you finish this year, and start looking for a private school, Catholic school, or go back into preschool - not Preschool for All or State Pre-K. Any preschool that is inside and included in a elementary school will be part of TRS. All public school teachers in IL pay into TRS.
     
  5. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    If your hubby makes more than you, you are entitled to 1/2 of what he will receive at 62. You can wait until full retirement age and get more. At this point, I don't see a real need to wait. Now, if you file a claim for his half, you can leave yours alone or whatever you had before teaching. If you have nothing, more for you! It won't affect him at all. If you were earning SS and made more than your husband, it works the same way. He can get 1/2 of what you would get.

    My goal is to file at 62 on my ex, and leave mine alone. I can still work part time and earn x amount without going over. At 62, I can get 1/2 of what he will get, which happens to be the same amount that I would get for myself at full retirement age! :) That is, as long as I don't remarry.

    If you get hurt, you get disability insurance - which is almost the same amount except you get it earlier for being disabled. You get ss or ssi, not both. If you both are disabled at 50, you can both get a claim. At 61 1/2, you can apply for Medicare. That's another can of worms, but supposedly free for some things and a whole lot cheaper than every other plan out there. But there's so many supplemental plans you may want, and the alphabet soup ..Part A-D for drugs. My advice is if you can find a class or workshop on this, go for it. Check with AARP.
     
  6. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 6, 2018

    This is why I love working in a private school in California. I don’t have to pay a large portion of my salary into the state pension fund like public schoolteachers and I get to collect social security when I retire.
     
  7. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    Exactly...futuremathsprof

    By the time I found out ChildWhisperer, it was too late. I never made tenure, because each school RIFd me. Since I couldn't make 5 years at a school, I was left to sub. I get .10 of time here and there. All I could do was put in a request for a refund, and find a job in Head Start, at a child care center.

    We get caught because it's not nearly the same salary, stability, nor any benefits at all in most day care/child care centers! If you were a regular teacher, you could only hope for $9-12 hr. .

    The Type 04/Master Pre-K position is the one you want. There are some agencies and non-profits such as the YMCA, and Easter Seals to name a few. These companies offer full time benefits. Another option would be corporate child care, such as Northern Trust Bank, hospitals, and other major companies that have on-site child care for employees. The salary won't be as high, but you will have good benefits.
     
  8. SpecialPreskoo

    SpecialPreskoo Moderator

    Joined:
    Jul 19, 2002
    Messages:
    4,982
    Likes Received:
    374

    Apr 6, 2018

    I'm just 44 (soon to be 45). I've got plenty of years before I start rotting. :D
     
    futuremathsprof likes this.
  9. FourSquare

    FourSquare Fanatic

    Joined:
    Aug 4, 2009
    Messages:
    2,835
    Likes Received:
    310

    Apr 6, 2018

    Yeah, but most private schools (I understand not yours) have much lower salaries overall. Even getting to retire at 62 is not worth the $1400/mo payout I would get in SS. With my public school pension, I'm slated to get more like $6200/mo. Sure, you can make up the difference with a Roth or something, but that's splitting a smaller salary even more.

    Honestly, I think pensions and SS are going to be decimated by the time we're old enough to need them and we're all screwed. o_O
     
  10. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 6, 2018

    Normally, that might be true, but my private school has an excellent benefit and salary package. I currently make $55,000/year as a 4th-year teacher, I am maxed out on our teacher salary schedule (Masters + 15), I receive a $5,000 raise every year (so I will make $60,000 starting next academic school year and I will max out at $100,000 in year 13), my employer covers 100% of my medical care costs (which is excellent coverage) and 95% for dental/vision. Also, I don’t have to contribute to my pension plan like public schoolteachers (which can be a pretty hefty percentage). Instead, I contribute to a Roth IRA and purchase stocks.

    The added benefit is that I will get to collect Social Security when I retire, which will be quite a bit, since I contribute 6.2% of my salary every pay period. Public schoolteachers can’t collect SS in California because they don’t contribute to the SS fund. :)
     
    Last edited: Apr 6, 2018
    Master Pre-K likes this.
  11. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 6, 2018

    Gotcha. I thought maybe you were in your fifties or sixties already... You have time to save up still for your daughter’s college.
     
    SpecialPreskoo likes this.
  12. jadorelafrance

    jadorelafrance Cohort

    Joined:
    Jul 10, 2015
    Messages:
    620
    Likes Received:
    255

    Apr 6, 2018

    Here in NJ we get SS and pension (i contribute around 7%). And I contribute to another tax shelter, although I’m looking at other options too. I think I’ll be set unless of course SS and pension system go solvent (gotta always have a backup).
    I suppose CA or IL teachers can take the money they don’t contribute to SS and invest it. Makes sense.
     
    futuremathsprof likes this.
  13. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    If only.....:(

    I might consider going back to CA. Getting tired dodging ice on ground and cleaning windshield every morning for what seems like 8 months out the year....

    They were paying grocery clerks $15 hr back in the 80’s.

    Just saying.....
     
    futuremathsprof likes this.
  14. kellzy

    kellzy Comrade

    Joined:
    Aug 22, 2013
    Messages:
    322
    Likes Received:
    88

    Apr 6, 2018

    I want to cry reading some of your posts. State pension fund? Which state is that so I never move there? My state pays pensions with just the general tax fund.
    I mean, in my state we don't get paid a lot of money, but our retirement makes it worth it.
     
  15. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    AK, CA, CO, CT, some parts of GA, IL, KY, some parts? LA, ME, MA, MO, NV, OH, RI some parts, and TX

    You must have 30 + years of substantial earnings so your ss benefits won’t be reduced. But that would mean you had to be a brain surgeon or rocket scientist once you left high school - then decided to be a teacher...yeah right!
     
  16. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,216
    Likes Received:
    402

    Apr 6, 2018

    Wow I'm learning so much in this thread!
    I juuuust left Head Start, where I made just over $16/hour, for a Preschool for All job with the district.
    Private schools, here I come :p
     
    futuremathsprof likes this.
  17. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 6, 2018

    Please don’t take this personally, but I’d rather be paid a lot of money and get a lot in retirement, too. Why would I want to live meagerly the majority of my life and then live moderately better when I’m too old to do anything?
     
  18. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 6, 2018

    Pre-school teachers make horrible pay. You want to at least teach K-3.
     
  19. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 6, 2018

    You totally should move back to California! The governor just passed a bill that will provide housing for public schoolteachers in the bay areas like San Francisco and elsewhere where there are high costs of living like L.A. Not to mention, I see job listings ALL the time on EDJOIN for teaching positions and many places are offering huge singing bonuses (e.g. $5,000) for high need areas (ESL, foreign language, math, SPED, science, etc).
     
  20. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,216
    Likes Received:
    402

    Apr 6, 2018

    That's the plan. I'm getting burnt out in preschool. With the district, if you break it down hourly, it's $24/hour so it's better but is it worth it? Mmm I don't know :confused:
     
  21. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    Except for those of us who are Master Teachers, and Type 04 Head Start teachers.

    I make a nice salary--equal to what I made as an elementary teacher.
     
    futuremathsprof likes this.
  22. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 7, 2018

    Nice! Then more people should get your credential. Why, they don’t, I have no idea.
     
  23. teacherintexas

    teacherintexas Maven

    Joined:
    Jul 7, 2005
    Messages:
    5,277
    Likes Received:
    743

    Apr 7, 2018

    When I started, I was planning on retiring a few weeks after I turned 52 as I was 21 when I first started teaching. The retirement structure has changed so I won’t be able to retire until I have been in the classroom 44 years.
     
  24. blazer

    blazer Connoisseur

    Joined:
    Feb 18, 2009
    Messages:
    1,607
    Likes Received:
    309

    Apr 7, 2018

    How do pensions work in the US? In the UK your employer stops a percentage of your salary and has to add a percentage of their own to it. That money is then invested. If you leave the company you then have options of freezing the pension or transferring it to the scheme of your next employer. You get tax relief on the contributions you make up to a certain level (I think it is 19% of salary). Recent changes in legislation means that most occupational pensions are now contribution based rather than benefits based (It is cheaper for the employer). Last year the Government passed a law to make pensions compulsory for everyone so now all employers have to offer one to their employees.
     
  25. Ima Teacher

    Ima Teacher Maven

    Joined:
    Oct 25, 2005
    Messages:
    5,397
    Likes Received:
    913

    Apr 7, 2018

    We pay into the state teacher retirement system. When we retire, we get a pension for life. We do not qualify to pay into Social Security or get payments from social security. We are in a current battle with the legislature to fund our pension system (that was borrowed from by them without repayment). It would severely affect new teachers. It would make some changes to those of us close to retiring, but not as much as originally thought. It's still a mess.

    Last summer my DH and I met with the retirement system people to see the differences in retirement from retiring at 27 years, 30 years, and at age 55. There wasn't much difference with 27 & 30, but a decent difference waiting until 55. That was due to getting a difference between averaging the high 5 or high 3 of salary. Our unused sick days counted on our last year's salary, but they are freezing those at the end of this year, which stinks for us. We could accumulate a lot more sick leave in another 6-8 years.
     
  26. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    You will gain new sprouts....:p
     
    SpecialPreskoo likes this.
  27. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    I don't know how that's possible CW...

    The average salary for Head Start teachers is $40-60k. How could a federally funded program not offer you more than $16 an hr??? :eek:
     
    futuremathsprof likes this.
  28. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    You must have been talking to my sister.... She wants me to move back with her. :rolleyes:

    I have ESL too:cool:
     
    futuremathsprof likes this.
  29. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,840
    Likes Received:
    1,065

    Apr 7, 2018

    You should do it! And you’ll be with family. It’s a win-win situation. Seriously, districts are desperate for teachers with an ESL certification. Think about it!
     
  30. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    1-800, I -FLY SWA.... LOL...
     
  31. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,216
    Likes Received:
    402

    Apr 7, 2018

    I don't know, but we're all hourly here. Assistants make about $13/hour. We did get full benefits, but it did suck being hourly. We had to work summers just sitting around if we wanted to get paid since we didn't have kids. I felt like I was wasting my master's degree :rolleyes:
    The position is advertised with $14-18/hour starting pay on Indeed
     
  32. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    I don’t know if your area is exempt from certain policies regarding income or what.

    But I tell you, if you checked Indeed, CareerBuilder and/or Simply Hired right now, I am certain you will see Type 04 and Head Start jobs starting at $17 hr or $40k min. starting salary.

    If you want to share your location or PM me, I would be glad to help you look into this.
     
  33. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    In the summer, the rate is lower and most of us don’t work. You really should earn more.

    Another thought is temporary work. On call long term assignments. Good pay, no TRS because it’s a regular company that assigns you to different schools!
     
  34. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,216
    Likes Received:
    402

    Apr 7, 2018

    Well I already quit that job, do you still want to see the posting?
     
  35. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    I was offering to help you job search in your area...You don't have to be specific...you could say Champaign/Urbana area or Kane County, etc.

    If the posting is for the job you had, that wouldn't matter much now. If you're still interested in Head Start/Master Teacher jobs, I could help point you to the jobs that should pay more.
     
  36. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,216
    Likes Received:
    402

    Apr 7, 2018

    Oh okay, thank you, but I don't want to teach Head Start anymore!
    I AM in Central Illinois, about an hour & half from Champaign/Urbana.
    I do miss teaching in the Chicago suburbs.. but I'm stuck here for now due to my H's job.
    I do creep on the private schools here and theyre rarely hiring due to these teachers never leaving :( the public schools here are terrible.
    I'm currently LTS-ing for the district
     
    futuremathsprof likes this.
  37. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    Ok. I have a good friend in Normal/McLean Dist 5. I’ve been following your posts...you have the advanced Pre-k class that just opened 2nd semester- right? I think if you finish the year, you can weigh your options. Now that you know, talk it over with hubby, and a good financial planner and decide if TRS will make a difference for your future job choices.

    We should move to FL...They don’t have state mandatory teacher retirement programs and no state income tax! :rolleyes:
     
    Last edited: Apr 7, 2018
    ChildWhisperer likes this.
  38. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,216
    Likes Received:
    402

    Apr 7, 2018

    So he read you don't see benefits from TRS until you've been in the public school system for 5 years but we don't plan on staying in Illinois for that long. Hoping I can opt out of TRS even though I think I already opted in when I signed papers, not realizing the details.
    Normal is 45 minutes from me
     
  39. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 7, 2018

    https://www.trsil.org

    "If you have terminated your teaching duties with a TRS employer, you may apply for a refund of the retirement contributions. If you are on sick leave, a sabbatical leave, or an unpaid leave of absence, or have accepted TRS employment service with a new employer, you are not considered to have terminated service and are not eligible for a refund."

    Application Procedure
    A refund of your TRS contributions can be requested via email at members@trsil.org.

    Please include: your full name, current address, contact phone number, the last four digits of your Social Security number, last employer(s) and the month and year you last worked in a TRS position (or expected if still working).

    TRS will send you the application by regular mail. The application can be returned any time after you have formally resigned from your TRS-covered position. We will process your refund and forward it to the Office of the Comptroller for payment when four months have passed since your final day of teaching."


    You can apply for a refund, and then you are out. But don't take another public school job, or even sub job, because then they will make you to sign back up.
     
    ChildWhisperer likes this.
  40. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 8, 2018

    Only15 states do this...the others allow you to get both social security and a pension. The way I see it, those 15 states felt like they were protecting teachers, because they would not earn enough in public jobs. It seems unfair IMO, because all of us didn’t choose to teach right after college. You could work from age 15 to 45 and then decide to become a teacher. Those 30 yrs of income credits mean nothing unless you had a very high salary.
     

Share This Page

Members Online Now

  1. andreaben,
  2. Obadiah,
  3. Backroads,
  4. Kendall2018,
  5. greendream
Total: 186 (members: 8, guests: 161, robots: 17)
test